PG&E (NYSE:PCG) Releases FY24 Earnings Guidance

PG&E (NYSE:PCG) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $1.33-1.37 for the period, compared to the consensus estimate of $1.36. PG&E also updated its FY 2024 guidance to 1.330-1.370 EPS.

PG&E Trading Up 0.1 %

PG&E stock opened at $18.03 on Friday. The firm has a 50-day moving average of $17.96 and a 200-day moving average of $17.24. PG&E has a one year low of $14.71 and a one year high of $18.95. The company has a debt-to-equity ratio of 2.08, a current ratio of 0.99 and a quick ratio of 0.93. The company has a market cap of $51.91 billion, a price-to-earnings ratio of 16.10 and a beta of 1.08.

PG&E (NYSE:PCG) last posted its quarterly earnings data on Thursday, July 25th. The utilities provider reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.01. PG&E had a net margin of 10.22% and a return on equity of 11.91%. The company had revenue of $5.99 billion during the quarter, compared to the consensus estimate of $5.86 billion. During the same period in the prior year, the business posted $0.23 EPS. The company’s quarterly revenue was up 13.2% on a year-over-year basis. On average, equities analysts expect that PG&E will post 1.35 earnings per share for the current fiscal year.

PG&E Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a dividend of $0.01 per share. The ex-dividend date was Friday, June 28th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.22%. PG&E’s dividend payout ratio is 3.57%.

Analysts Set New Price Targets

Several brokerages recently issued reports on PCG. Citigroup raised their target price on shares of PG&E from $19.00 to $21.00 and gave the company a buy rating in a research note on Friday, June 14th. Morgan Stanley lowered their target price on shares of PG&E from $18.00 to $17.00 and set an equal weight rating on the stock in a report on Monday, June 24th. Barclays raised their target price on shares of PG&E from $21.00 to $22.00 and gave the stock an overweight rating in a report on Monday, July 22nd. The Goldman Sachs Group started coverage on shares of PG&E in a research note on Wednesday, April 10th. They issued a buy rating and a $21.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised shares of PG&E from a neutral rating to an overweight rating and lifted their price objective for the company from $19.00 to $22.00 in a research note on Monday, June 10th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $20.40.

Insider Buying and Selling at PG&E

In other PG&E news, CEO Patricia K. Poppe sold 59,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $17.08, for a total value of $1,007,720.00. Following the sale, the chief executive officer now owns 1,515,777 shares in the company, valued at $25,889,471.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.15% of the company’s stock.

About PG&E

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources.